The global HPAPI market is projected to reach $39.6B by 2027 from $24.5B in 2022, at a CAGR of 10.1% from 2022 to 2027, according to a report from Research & Markets.
Based on type, the HPAPI market is segmented into innovative and generic. The innovative segment is expected to account for the largest share of the HPAPI market in 2021. The large share can be attributed to the increased R&D investments.
Based on type of synthesis, the market is segmented into synthetic and biotech HPAPIs. The synthetic APIs segment is expected to command the largest share in 2021. Ease of production and emergence of new molecules and technological advancements in synthesis are driving growth of synthetic HPAPI segment.
Based on therapeutic application, the market is divided into oncology, hormonal imbalance, glaucoma, and other therapeutic applications. In 2021, the oncology segment is expected to account for the largest share in the market. The launch of new target therapies in addition to technological advancements and growing prevalence of cancer across the globe are driving growth of the oncology segment.
HPAPI market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). Asia to grow at the highest CAGR during the forecast period. High prevalence of chronic diseases, lifestyle diseases, age related diseases and government efforts for encouragement for the adoption of generics are some of the factors driving the growth of the market in Asia.